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Singapore Crypto Firm Hodlnaut Wants Court-Led Restructuring

The crypto company, which last week suspended withdrawals, swaps and deposits, said it filed a petition with the Singapore High Court.


Singapore crypto trader has sought court approval to rejig its operations, it said on Tuesday.
Hodlnaut, a crypto lender and borrower based in Singapore, has applied for court permission to restructure its business. Reuters file image.

 

Singapore-based crypto currency lender and borrower Hodlnaut announced on Tuesday that it has filed an application to be placed under judicial management as it looks to restructure its business.

The crypto company, which last week suspended withdrawals, swaps and deposits, said it filed the petition with the Singapore High Court.

Hodlnaut is the latest to feel the heat of a sharp selloff in crypto assets that started in May with the collapse of two paired tokens, Luna and TerraUSD.

Singapore, a major centre for crypto and blockchain in Asia, has been shaken since the July collapse of cryptocurrency hedge fund Three Arrows Capital.

 

  • Reuters with additional editing by Jim Pollard

 

ALSO SEE:

Crypto Hedge Fund Three Arrows Falls Into Liquidation

 

Stablecoin Crash That Shook Crypto: All You Need to Know

 

Crypto Mogul Suffers ‘History’s Biggest Wealth Loss’ – CNW

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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